Jilin Jian Yisheng Pharmaceutical (SHE: 002566), a TCM drugmaker,
completed its IPO on the Shenzhen Small and Medium Exchange today. The
company raised 1.1 billion RMB ($176.6 million) by placing 27.6 million
shares at a price of 39.9 RMB each. The offering priced the company at
a P/E ratio of 52.5.
In 2010, Yisheng produced revenues of 516
million RMB ($78.6 million). Net profit was 87.6 million RMB ($13.3
million). The company says nearby Changbai Mountain is the source for
most of the herbs used in its medications.
Yisheng is capable of
producing drugs in 11 types of dosages. It makes a total of 108
medicines. Of these, six are patented and produced without competition;
six are SFDA approved TCMs; 42 are on the Insurance Catalogue of
Essential Drugs; and 33 kinds are included in the Essential Drug List.
22 million shares of Yisheng that were offered online began trading on
Friday. They moved very slightly higher, advancing to 40.04 RMB, an
increase of .35%.
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